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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-15-2019
Interlocal Agreement with Salt Lake City Authorizing Use of a Portion of Tax Increment for the Block 67 North Community Reinvestment Project Area
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY AUTHORIZING EXECUTION OF AN INTERLOCAL AGREEMENT WITH SALT LAKE CITY FOR A PORTION OF TAX INCREMENT FOR THE BLOCK 67 NORTH COMMUNITY REINVESTMENT PROJECT AREA
WHEREAS, pursuant to Chapter 5, Community Reinvestment, of Title 17C of the Utah Code (the “Act”), the RDA may approve a Community Reinvestment Project Area for the purpose of supporting community revitalization within a designated project area.
WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City (the “Agency”) approved the Block 67 North Project Area (“Project Area”) to facilitate the capture of tax increment within the boundaries of the Project Area.
WHEREAS, tax increment will be utilized to carry out community reinvestment activity that will catalyze private development within the Project Area.
WHEREAS, the Agency desires to execute an interlocal agreement with Salt Lake City Corporation (“City”) in which the City will consent to the Agency being paid a portion of its share of the tax increment from the Project Area.
THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City:
(b) It does hereby approve the execution and delivery of the following:
AN INTERLOCAL COOPERATION AGREEMENT BETWEEN SALT LAKE CITY CORPORATION AND THE REDEVELOPMENT AGENCY OF SALT LAKE CITY [BLOCK 67 NORTH TAX INCREMENT], EFFECTIVE ON THE DATE IT IS SIGNED BY ALL PARTIES.
(c) Jacqueline M. Biskupski, Executive Director of the Agency or her designee is hereby authorized to approve, execute, and deliver said agreement on behalf of the Agency, in substantially the same form as now before the Agency Board of Directors and attached hereto as Exhibit A, subject to such minor changes that do not materially affect the rights and obligations of the Agency thereunder and as shall be approved by the Executive Director, her execution thereof to constitute conclusive evidence of such approval.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 24th day of September, 2019.